60,000 Paycheck Protection Program Loans Approved in First Week
SBA’s dedicated access to community financial institutions helped underserved small businesses
WASHINGTON –Today, the U.S. Small Business Administration announced that it has approved approximately 60,000 PPP loan applications submitted by nearly 3,000 lenders, for over $5 billion, between the program’s re-opening on Monday, Jan. 11, at 9 a.m. ET through to Sunday, Jan. 17. Last week, the PPP provided dedicated access to community financial institutions that specialize in serving underserved communities, including minority- women-, and veteran-owned small businesses from Monday through Thursday, joined Friday by smaller lenders.
As of today, Jan. 19, the Paycheck Protection Program is open to all participating lenders.
“The SBA continues to help small businesses across the nation access vital funds through the Paycheck Protection Program. Data from our first week, which first allowed hundreds of community financial institutions to submit applications, then opened wider to small banks, demonstrate that we have helped tens of thousands of businesses,” said SBA Administrator Jovita Carranza.
“The PPP is off to another great start helping our nation’s economy. With PPP re-opening today for all First and Second Draw loan applications, the SBA remains committed to keeping small business workers on payroll and their doors open during this challenging time. Moreover, the SBA over-performed operationally, issuing guidance and rules in advance and in alignment with the new law’s requirements,” Carranza added.
First Draw PPP loans are for those borrowers who have not received a PPP loan before August 8, 2020. The first two PPP rounds open between March and August 2020 were a historic success helping 5.2 million small businesses keep 51 million American workers employed.
Second Draw PPP loans are for eligible small businesses with 300 employees or less and that previously received a First Draw PPP loan. These borrowers will have to use or had used the full amount of their First Draw loan only for authorized uses and demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million.
The Paycheck Protection Program remains open for First and Second Draw PPP loans until March 31, 2021, as set forth in the Economic Aid Act, or until Congressionally-appropriated funding is exhausted.
ACCE: PPP 2.0: What You Need to Know for Chambers of Commerce
Chambers of commerce and other 501(c)(6) nonprofit organizations gained access to federal support in the new COVID stimulus package. Last week, Jeffrey S. Tenenbaum, one of the leading nonprofit attorneys in the U.S., led a webinar for the California Society of Association Executives, which provided detailed information about 501(c)(6) eligibility for the Paycheck Protection Program. Click here to watch the webinar; access the presentation slides here.
The 2020-2021 Geneva Lake West Chamber of Commerce Community Resource Guide is available at the chamber today ! Thanks to Greg Gaskins and the chamber team for their help and direction with this publication
Todd Kuckkahn: Do you think it is too late?
In honor of Dr. Martin Luther King, Jr.’s birthday celebration, I am sharing an article I wrote for FDI Alliance: https://online.anyflip.com/bnxu/qqsu/mobile/index.html#p=58
While we only honor Dr. Martin Luther King, Jr. once a year, he is symbolic of the importance of diversity, equity, and inclusion in our communities throughout the year.
I have been posting a lot recently on LinkedIn and Facebook about FEAR. Hopefully, you have been liking, commenting, and sharing. Why did I take a risk and share this article? Core Values. Inner Circle. Comfort Zone. Addressing these is the only way to fly over fear to learn and grow. How do you overcome your fears and feel comfortable in risk?
I will be facilitating small groups to explore John C. Maxwell’s just-released book, Change Your World. My personal, simple solution to what our world is facing is intentional (NOT random) acts of kindness. Every human being is capable of, at least, that.
I know getting some like-minded people on a virtual meeting to share our fears and kindness can change our world closer to what Dr. King imagined.
Join Me. Message me if you are interested in learning more. Let’s bust through fear, take a risk, and continue to change our world.
Todd Kuckkahn
https://www.linkedin.com/in/toddkuckkahn/
https://www.facebook.com/toddkspeaking/
Fayette County Chamber Selects Brian Durham as new Executive Director
A new face is joining the Fayette County Chamber of Commerce. Brian Durham was selected for the executive director position by the chamber board of directors last week. He will begin work in the post, officially, next month.
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Applications open TODAY, January 19, at 9 a.m. for the $55 million Michigan Small Business Survival Program on michiganbusiness.org/survival, and will close at 12:00 p.m. on January 22.
The program is for businesses that have been impacted by the recent MDHHS epidemic orders. Businesses that have been fully closed since November 2020 may be eligible for up to $20,000 in grants, while those partially closed may apply for grants up to $15,000. Visit michiganbusiness.org/survival for more information.
Applications for the $3.5 million Michigan Stages Survival Program, which will support the state’s live music and entertainment venues, will open at 9:00 a.m. on Thursday, January 21 on michiganbusiness.org/stages, and will close at 12:00 p.m. on January 28. To access the program guidelines, FAQ and other resources, go to michiganbusiness.org/stages.
The Paycheck Protection Program, which restarted last week with $284 billion in pandemic-relief loans for U.S. small businesses, opens for lenders of all sizes to accept applications TODAY.
The PPP is open to small businesses who received a loan in last year’s first round, have 300 or fewer employees, and can show a 25 percent gross revenue decline from a quarter in 2019 to the same period in 2020. Additionally, small businesses with 500 or fewer employees that are seeking their first PPP loan can apply, as can sole proprietors, independent contractors and people who are self-employed, and nonprofits filed as 501(c)(6) organizations. Applications are open through March 31.
Read the MIBiz article on Federal PPP loan details here or watch the Grand Rapids Chamber virtual Town Hall on the recent federal stimulus.
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The Lake Barkley Chamber of Commerce includes members who see opportunity and possibilities, even in the midst of the coronavirus pandemic and its accompanying challenges. Not only has the organization’s membership grown significantly in the past couple of years, but several businesses have opened, even in the midst of COVID-19, according to executive director Deb Domke.
“During the pandemic, we were very lucky to have a community, where the local people rallied together to support our existing local businesses,” she said. “I believe the new businesses coming in saw the support base they had on the local level and wanted to open their businesses here. We’ve had a variety of businesses that have opened during the pandemic.”
The entrepreneurial spirit, community focus, and customized, personal service are key factors Domke sees as thriving in the area the chamber serves. “We’re really lucky, here in Lyon County,” she said. “We not only have a great small town environment, but we also have seasonal visitors. This is a vacationland, drawing tourists from Kentucky, Indiana, Tennessee, and all around for weekend trips.”
Having lived in Lyon County most of her life, Domke sees a real difference in the winter traffic here. “I remember in growing up, that in winter, the entire Lyon County shut down because the lake houses did and those people went back to their cities,” she said. “In the last couple of years, I’ve seen more and more traffic throughout the entire year. So, where the lake houses used to be closed, now the people are here all during the holiday season. There are more and more people and traffic on our roads. I think we have a growth not only with business, but with our population.”
Even the pandemic has had some positive effects, according to the chamber’s executive director. Cabin fever meant many people still wanted to get out. So, Lyon County and the Lake Barkley region have been a good refuge for people to get away, to come here and explore the lakes and the outdoors. “Throughout the pandemic, you can see all the boat sales and (eventually) there wasn’t a boat anywhere to be bought,” she pointed out. “The same is the case with campers, (recreational vehicles), and all that. So, all that stimulates the economy and the business community.” Read more: Herald- Ledger
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The Naperville Area Chamber Names Christina Caton Kitchel As Incoming Chair-Elect for the Board of Directors
THE NAPERVILLE AREA CHAMBER OF COMMERCE NAMES CHRISTINA CATON KITCHEL AS INCOMING CHAIR-ELECT FOR THE BOARD OF DIRECTORS
NACC also announces twelve new board members for 2021
Naperville, IL - The Naperville Area Chamber of Commerce (NACC) has voted Christina Caton Kitchel as the Chair-Elect for the Board of Directors. Christina is currently a Partner and Senior Vice President of Retail at Caton Commercial Real Estate Group. She has been on the Board of Directors since 2018 and has served as the former chair of Team B2B, as well as on the on the Business Works Committee, NACPAC and Legacy Circle. She is the current Co-Chair of the Candidate Review Committee and the Family Business Roundtable.
Chairman of the Board Ian Holzhauer says, “Christina is a trusted advisor, business and Not-For-Profit advocate, and Chamber champion.” Holzhauer, a partner at Nagle, Obarski, and Holzhauer finishes his term at the end of 2021 at which point Caton Kitchel will be the NACC’s Chairman of the Board serving in 2022 and 2023.
“I’m looking forward to working closely with Kaylin and the staff to continue to proactively stay relevant for our Members in their business, and to continue as a Chamber to support the community,” Caton Kitchel said. “I am honored to lead such a diverse Board of Directors that brings to the table a plethora of viewpoints that allow us to evaluate our mission and adapt to the needs of our Members.”
Along with this change, the NACC will welcome twelve new Board members in January 2021. The new Chair-Elect and Board of Directors were voted on virtually in January.
The new members of the Board of Directors include: Shafeek Abubaker from Med Supply Place Inc., Nate Alberty from Sunbelt Rentals, Inc., Adrian Aldrich from North Central College, Gabe Chavez from NorthStar Wealth Group, Sharmila Fowler from The Red Lion Institute, Derek McDaniel from Merrill Lynch, Yvette Saba from Edward-Elmhurst Health, Leah Setzen from Grunyk Family Law, Ashley Shi from Office Evolution, Dave Surina from Nicor Gas, Karen Wells from Bridge Communities, and Kristin Whittle from White Eagle Golf Club.
Returning Board Members are: Chair, Ian Holzhauer, Chair-Elect Christina Caton Kitchel, Mike Blanton from BMO Harris Bank, Christine Jeffries from Naperville Development Partnership, Anita Knotts, Sean LaFortune from Wipfli, Ryan McIntyre from Plaidypus, Dave Miller from Elements and Chef By Request Catering, Jason Nagel from Naperville Bank and Trust, Mari Rodriquez, Heather Street from Navistar, Finance Committee Chair Maureen Strobl, AdreAnne Tesene from Two Bostons, Mark Willis from PNC Bank and Katie Wood from the Downtown Naperville Alliance.
Members of the Naperville Area Chamber of Commerce Board of Directors serve a three-year term.
